Green Tech becomes first recycling company in Europe to be recognized by Gold Standard for issuing carbon credits
Romanian headquartered Green Tech has become the first recycling company in Europe to be endorsed by the Gold Standard for issuing carbon credits for polyethylene terephthalate (PET) recycling activity.
Green Tech's pioneering project Greentech's Emissions Reductions from PET Recycling is the first of a kind in Europe to apply PET waste frameworks through PET waste recycling, proactively reducing greenhouse gases emissions (GHGs) that would otherwise be required for the production of plastic products made using virgin inputs.
As a result of the evaluation performed by Gold Standard, Green Tech is estimated to issue approximately 453,000 carbon credits on the voluntary carbon offset market with an estimated annual average GHG emissions reduction of 45,380t of CO2 per year over the 10-year crediting period. The carbon credits will then be sold to companies striving to reach decarbonization targets or individuals that aim to reduce or neutralize their carbon footprint.
For the first monitoring period, Green Tech has received approximately 63,000 carbon credits, some of which have already been purchased by clients who are committed to achieving net zero emissions in the near term. Carbon credits can be purchased directly from Green Tech or from the Gold Standard platform.
"We are happy to see the price paid for carbon credits on the voluntary market continues to increase as projects offer more benefits to communities and the environment, with buyers becoming more responsible and committed to reducing their carbon footprints. We are confident this trend will continue in the future," said Alina Elena Genes, General Manager of Green Tech.
The Gold Standard was established in 2003 by the World Wide Fund for Nature (WWF) and other NGOs with the goal of ensuring projects which claim to reduce carbon emissions must be of the "highest levels of environmental integrity" and contribute to sustainable development.
Alongside reducing carbon emissions, the Green Tech project was also evaluated based on its proven record of achieving objectives in line with the UN Sustainable Development Goals. This extensive list includes contributing to climate action, gender equality, creating clean and affordable energy and focusing on good health and wellbeing.
The Gold Standard certified CO2 emissions project also includes the recycling of PET for Green Fiber, a Green Tech brand, which produces polyester staple fibers as an output from PET waste. Green Fiber is one of the largest European producers of polyester synthetic fiber created from 100% recycled PET flakes.